Copper.......
Copper prices are trading on a elevated platform on London Metal Exchange after a extended weekend on Bank holiday in London. The prices were seen on a upward trajectory after a declining jobless claims numbers in the US provided support. Looking at the coming days the prices can see some hiccups on account of imports data from China and higher stockpiles in almost all the metals.
LME three month Copper prices were trading at $ 7293 per tonne, up $ 145 per tonne. Indian Copper prices moved higher on bottom fishing ending at Rs 396.8 per kg, up 0.6 percent. The prices are resisted at Rs 400 per kg and supports for the contract is at Rs 390 per kg.
Demand decline worries in Europe can create pressure on the metals as the prices move further forward. Eurozone Services and Manufacturing output declined in April. The inventories are also a big worry now at 2003 high levels at 608700 tonnes. The inventories have moved up by 93 percent.
Industrial production of Chile has improved indicating that the supplies will be good from the region. Chile's monthly economic activity index, a proxy for GDP, grew just 3.1% in March, expanding just 3.1% from the year-earlier month.
However, strong retail sales and a boost in mining activity helped, cushioning a fall in industrial production. Worker strikes are also a key feature in Chile's mining sector, where costs are higher and productivity lower in some respects than in the U.S.
Source by Commodity Insights
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